"At the same time, the Bank of Russia expects GDP growth in 2023 to outperform its October forecast and exceed 3%," the report said.
Meanwhile, Russia’s imports have slightly decreased compared to the summer figures, mainly due to the tightening of the monetary policy, the Bank of Russia said.
"Recent data on foreign trade indicate that imports have decreased slightly compared to the peak summer figures, including due to the effects of monetary tightening in place," the bank's statement read.
At the same time, the bank linked the decline in exports in the recent months to deteriorating conditions in global energy commodity markets.
"In the coming quarters, demand for imports in ruble terms will continue to adjust to recent key rate decisions," the regulator said.
On Friday, the Russian Central Bank raised the key rate to 16% per annum, the highest figure since April 2022.